Bitcoin prices may skyrocket to $2 lakh this year: Analyst

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    In an interview with CNBC on Wednesday, Lee said bitcoin could quadruple in as the crypto asset experiences a similar parabolic setup that occurred in Visit Business Insider's homepage for more stories. Driving bitcoin higher would be a similar setup to what was seen in a parabolic rally.

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    Lee tweeted that the halvening of makes this year most similar towhich also experienced a halvening. A halvening in bitcoin is when the reward for miners completing problems on the bitcoin blockchain is cut in half.

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    Read more: GOLDMAN SACHS: Buy these 37 stocks that could earn you the strongest returns without taking on big risks in as the recovery and vaccine distribution get underway will be most like in that bitcoin will likely experience a "parabolic rise," Lee tweeted.

    Institutional and corporate buying, regulatory de-risking and retail stimulus demand are factors that have led to an increase in positive momentum, which we believe can continue," Grider said. But if the stock market corrects next year, the positive outlook for bitcoin may deteriorate, according to Lee.

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    So I think if we have a correction bitcoin rate news stocks then bitcoin is going to fall," Lee explained.